switzer & some maths, page-2

Hi Greg - Benny said cost @ $100/tonne and sell between $250-350/ tonne.

Therefore - your numbers are good at conservative $250/t sell. I think this would be product unit cost/ sell - so only covers to Gross Margin - will need to take off all other costs including, Admin, Freight, Finance, etc - to come up with EBIT/DA, etc.

So even if 60% goes to the bottom line - still approx $18m/annum.

Downside - we don't have any JORC figures and have no idea how many years supply this is - so valuation very hard and will keep the SP depressed.